Sterling slips from it’s recent highs as oil strength continues to boost the Canadian Dollar (Joseph Wright)

GBP to CAD Rate: Sterling Gains Against the Canadian Dollar Ahead of Bank of Canada Statement

After posting a positive start to the week the Pound is once again on the decline against the Canadian Dollar.

The GBP/CAD pair did hit an almost 2 month high of 1.70 within the past week, but a combination of oil prices rebounding to their strongest levels since October and some better than expected retail sales data out of Canada today has given the Loonie the advantage for now.

Despite the Canadian Dollars fightback the Pound is still holding onto much of it’s recent gains after the GBP/CAD pair were trading as low as 1.59 around the middle of October.

If oil is to continue to climb and the Brexit related updates suddenly take a turn for the worse, I expect to see the Pound continue to decline and I wouldn’t rule out a return to the levels of last month.

If the governments appeal against the High Courts recent ruling regarding article 50 is successful, I expect to see the Pound decline once again as this kind of update is highly likely to be considered Sterling negative within financial markets.

Tomorrow could be a busy day for GBP as the Autumn Statement will take place whereby the Chancellor of the Exchequer, Philip Hammond will be giving his first statement. Feel free to get in touch if you wish to be kept updated regarding the outcome. 

If you are planning a currency exchange between GBP and CAD, its worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.